The BlackBerry maker's shares slumped 6.5% on Friday, as the company confessed to a widespread outage on the very day that Apple was busily selling an estimated umpteen gazillion iPhone 5s.

Unintentionally piling on was Citigroup analyst Jim Suva, a RIM bear who has a Sell rating and $5 taret price on the stock. Suva issued a report yesterday which listed 10 reasons why the company's fundamentals continue to worsen.

Here they are:

The company will "miss Christmas" this year, with no new products.

The delay of BlackBerry 10 until Q1 2013 increases the risk that the company's products will be "too little, too late."

RIM can't cancel the Playbook tablet due to commitment to QNX as "the future of the company."

RIM is missing the change to seize share from Nokia; the company is down to 2% share of the mobile device market.

Arrival of iPhone 5 and Windows 8 phones will make the environment even more challenging.

RIM is losing carrier support in terms of shelf space, promotion support and eagerness for product certification.

Monthly carrier subscriber fees will go lower as North American share shrinks and network outages lead carriers to push back.

RIM is doing a major head count reduction right when the company needs to make sure to get new product out on time.

But wait. There's more. He thinks the company is within two years of running out of cash.

"Fundamentals continue to get worse," he writes. "RIMM could run out of cash and need to raise capital within two years implying that as time rolls forward, if we are correct, the value of RIMM continues to go lower. We expect more write offs and impairments to RIM assets and we question if RIMM's new BB10 products will even matter as it may be too little too late. We do not believe RIMM is an acquisition target or [that] the company is looking to break itself up for sale. Microsoft is working closely with Nokia and the Android ecosystem now has the Motorola patents following the closing of the acquisition of Motorola Mobility by Google. We believe RIMM's patents have minimal value. Push email, security and data compression services are increasing by competitor offerings."